All Forum Posts by: Nick Paul

I use Contactually as well and like the features/functions and integrations that it offers. I used Top Producer for a while, but found it to be a bit cumbersome and since I'm in a smaller market I wasn't able to utilize all the features that the platform offers.

Most paid service CRM's offer a trial period, so I'd suggest narrowing it down to 2 platforms and sign-up for a free trial to get a feel for how they function. It should help give you an idea of which CRM will best suit your needs.

I absolutely agree with @David Warren, simply having a CRM is a step ahead of most in the industry.

@Frank Jones

If the brokerage you are currently with is at 50/50 splits and isn’t providing any incentives to justify that type of split, I’d look into what other brokerages in your area are offering.

There are many variables that play into commission splits offered by brokerages. If you don’t feel you are receiving any value by being with your current company, then begin to look elsewhere.

Does your office broker offer any mentorship, education, office space, CRM, access to database, marketing, etc.? Based on your post, it doesn’t sound as though you are getting much for the 50/50 split they operate on....but if they are offering value for that split, I’d make sure you are making full use of it. I’d also still go sit with several other offices and see what they have to offer.

Hi @Jeffrey Campbell, shoot me a message with more specifics. It may be something of interest to myself or other friends/investors that I partner with on deals. Curious to know year built, renovations done, location in Raton area, expenses etc. Look forward to connecting with you.

@Jeremy Swanson, I agree with others posts above....you can also search "structuring partnership" here on BP and there is quite a bit of information that will help provide better insight. From blog posts to podcasts, BP has enough information available to get you moving in the right direction.

Congrats @Jeremy Swanson!! Awesome to see that you've found a property....I'd echo the same concerns that others have raised here. Cash flow is not substantial enough to cover any significant repairs that may occur within the first year or two of ownership. That said, ensuring that you have some capital in reserves is necessary.

Not likely to increase rents much in our market by installing home automation. You'd see better returns via refrigerated ac and clean units. Feel free to reach out if you have other specific questions to our market.

Broker's opinion is simply that, an opinion. Trust and rely on the numbers to guide you as to whether or not the deal makes sense.

You said that rents are only $20 below the market. Is that in it's current condition? Or are you factoring in what you'd be able to increase rents once you renovate a unit? 

@Carlos Duran Glad to see you back here on BP. Congrats on getting into real estate. I'm a fellow investor in southern New Mexico. I own rental property in New Mexico and West Texas. Wish you all the best, fee free to reach out if you ever have questions, BP is a great place for it!

I'm an investor and have my broker license in both New Mexico (where I reside) and in California (where I formerly lived). In addition to having access to the MLS (which allows me to search and find any properties listed on the MLS as I need, without having to wait on an agent to provide me that info), I've also found the networking with other agents and brokers in my community through our monthly luncheons and other functions is highly valuable. I also am able to represent myself when purchasing property, rolling my commission back into projects I'm pursuing. And on the back end, I list the property and only have to pay commission to the selling agent.

As others have mentioned, many states require you to "hang" your license under a broker for a period of time (2yrs in NM). However, often times you can find a brokerage that allows you to hang your license but doesn't place so much demand on you to produce for their firm. It won't likely be the top firm in your market, but at least it allows you to get the required 2 yrs before sitting to take your broker exam.

Hope this helps.

@Leland Titus I take it the bank/lender is paying what the outstanding loan balance is plus any interest and attorney fees etc. at the auction? That said, this strategy works only when a property that is being foreclosed upon has equity? Do you just track the public notices about foreclosure auctions and then determine whether a property is worth pursuing or not based upon there being any equity? Thanks for your insight, it's much appreciated!

@David Torres Thanks for the information! I'd like to pick your brain some more about the details of how all this works. Let me know the best way to reach out with some questions I have.